Xenon Pharmaceuticals Target of Unusually Large Options Trading (NASDAQ:XENE)

Xenon Pharmaceuticals Inc. (NASDAQ:XENE) saw unusually large options trading on Wednesday. Traders purchased 4,063 put options on the stock. This is an increase of approximately 2,362% compared to the average daily volume of 165 put options.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on XENE. Needham & Company LLC reissued a “buy” rating and set a $60.00 price objective on shares of Xenon Pharmaceuticals in a research report on Wednesday. William Blair raised Xenon Pharmaceuticals to a “strong-buy” rating in a research report on Friday, August 30th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $55.00 target price on shares of Xenon Pharmaceuticals in a report on Tuesday, September 3rd. HC Wainwright reaffirmed a “buy” rating and set a $53.00 price target on shares of Xenon Pharmaceuticals in a report on Wednesday. Finally, Raymond James restated an “outperform” rating and set a $50.00 price objective on shares of Xenon Pharmaceuticals in a research report on Thursday, October 10th. Eleven research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus target price of $57.45.

Hedge Funds Weigh In On Xenon Pharmaceuticals

Several hedge funds have recently bought and sold shares of XENE. Blue Trust Inc. increased its stake in shares of Xenon Pharmaceuticals by 174.7% during the 3rd quarter. Blue Trust Inc. now owns 1,008 shares of the biopharmaceutical company’s stock worth $39,000 after purchasing an additional 641 shares in the last quarter. nVerses Capital LLC purchased a new stake in shares of Xenon Pharmaceuticals during the 3rd quarter valued at $102,000. Mirae Asset Global Investments Co. Ltd. grew its position in Xenon Pharmaceuticals by 21.6% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,740 shares of the biopharmaceutical company’s stock valued at $106,000 after acquiring an additional 487 shares during the period. Quarry LP increased its position in Xenon Pharmaceuticals by 207.7% during the 2nd quarter. Quarry LP now owns 4,000 shares of the biopharmaceutical company’s stock worth $156,000 after purchasing an additional 2,700 shares in the last quarter. Finally, EntryPoint Capital LLC acquired a new stake in shares of Xenon Pharmaceuticals in the first quarter worth $195,000. 95.45% of the stock is owned by hedge funds and other institutional investors.

Xenon Pharmaceuticals Stock Performance

Xenon Pharmaceuticals stock opened at $41.75 on Friday. The business has a 50 day simple moving average of $41.14 and a 200-day simple moving average of $40.35. Xenon Pharmaceuticals has a 12 month low of $28.10 and a 12 month high of $50.99.

Xenon Pharmaceuticals (NASDAQ:XENE) last announced its quarterly earnings data on Tuesday, November 12th. The biopharmaceutical company reported ($0.81) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.82) by $0.01. During the same period in the previous year, the business posted ($0.73) earnings per share. As a group, research analysts anticipate that Xenon Pharmaceuticals will post -3.1 EPS for the current fiscal year.

About Xenon Pharmaceuticals

Xenon Pharmaceuticals Inc, a neuroscience-focused biopharmaceutical company, engages in the development of therapeutics to treat patients with neurological disorders in Canada. Its clinical development pipeline includes XEN1101, a novel and potent Kv7 potassium channel opener, which is in Phase 3 clinical trials for the treatment of epilepsy and other neurological disorders.